Business
iSpecimen Reports First Quarter 2022 Financial and Operating Results
- Recently Launched Enhanced iSpecimen Marketplace Platform to Help Scientists More Efficiently Search for Biospecimens - LEXINGTON, Mass., May 10, 2022
About this update from Ispecimen Inc.
[{"type":"text","content":"- Recently Launched Enhanced iSpecimen Marketplace Platform to Help Scientists More Efficiently Search for Biospecimens -\nLEXINGTON, Mass., May 10, 2022 (GLOBE NEWSWIRE) -- iSpecimen Inc. (Nasdaq: ISPC) (“iSpecimen” or the “Company”), an online global marketplace that connects scientists in need of biospecimens for medical research with a network of healthcare specimen providers, today reported its financial and operating results for the three-month period ended March 31, 2022. “Our team has been working diligently on expanding the capabilities of the iSpecimen Marketplace® platform, accelerating the growth and utilization of our global supply chain, and invigorating revenue growth for long term value. Recently, we saw the fruits of our labors with the first update to the enhanced iSpecimen Marketplace® platform, which delivers incremental, yet foundational, improvements to our software platform. This includes new data integration capabilities to further grow and federate our supply chain – such as automated data ingestion and data harmonization tools,” said Christopher Ianelli, MD, PhD, CEO and President of iSpecimen. “We expect that the enhanced iSpecimen Marketplace® platform, coupled with the investments we’ve made this past quarter to strengthen and expand our operations and sales teams globally, have positioned us to even better support our research clients’ needs for biospecimens going forward.\" Dr. Ianelli concluded, “During the first quarter, iSpecimen demonstrated operational resiliency and flexibility despite a sudden shut down of our critical supply network in the Ukraine and Russia. Against the challenging backdrop of the conflict there, and a testament to the global reach of our network, we were able to quickly mobilize and transition biospecimen orders to other suppliers. The effect of this transition was a delay in the collection of specimens for approximately $1.0 million in open purchase orders, which had a corresponding negative impact to revenue in the first quarter. That said, our ability to shift these orders to other supply partners in our network highlights the adaptability of iSpecimen’s marketplace and our ability to address the fragmented global biospecimen procurement market and overcome supply headwinds. In spite of the setback this quarter, we remain extremely optimistic about our ability to gain ...